"Convex Announces New Ownership Structure with Onex and AIG as Strategic Investors"

Weil advised Convex Group Limited (“Convex”) and PSP Investments, while Onex Corporation (“Onex”) and American International Group, Inc. (“AIG”) were advised by their respective legal teams, in a transaction involving a new long-term ownership structure for Convex. The transaction involves Onex acquiring a 63% equity stake and AIG acquiring a 35% equity stake in Convex, valuing Convex’s common equity at $7.0 billion. Convex’s founding equity investors, including PSP Investments and Onex’s Partners V private equity fund, will sell their equity stakes in full, with the exception of management. AIG will also write a whole account quota share of Convex’s business starting January 1, 2026. Convex will maintain its independent strategy and underwriting approach, while Onex and AIG will have representation on the Convex board. The transaction is subject to customary regulatory approvals and is expected to close in the first half of 2026. The Weil team advising Convex was led by Private Equity partner Murray Cox, supported by associates Mark Spiller and Ada Lam. The team also included Finance partners Chris McLaughlin, Alex Eagle, and Andrew Hagan, supported by counsel Kai Zhang and associates Lorenzo Colombi-Manzi, Saahil Sheth, and Ashley Ken; Antitrust partner Jenine Hulsmann, supported by counsel Annagiulia Zanazzo and associate Phoebe Murray; Tax partner Jenny Doak and associate Enda Kerin; and Incentives counsel Kevin Donegan. The Weil team advising PSP Investments was led by Global Private Equity Co-Head Doug Warner and Private Equity partner Timothy Burns, supported by Private Equity associates Adam Voorberg and Madeleine Carpenter, and Tax partner Greg Featherman.

"Convex Announces New Ownership Structure with Onex and AIG as Strategic Investors"

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